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167 acres in seven parcels on offer outside Drogheda

Seven parcels of Manor Park Homes' lands totalling 167 acres on the edge of Drogheda, Co Louth, are being offered for sale.

The asking prices are being pitched at less than 10pc of what the lands were worth at the peak of the development land market.

In all, the 167 acres at guide prices between €15,000 and €30,000 per acre could achieve more than €3.3m.

The highest prices are expected for the three parcels of serviced land adjoining Aston Village and which are expected to appeal to developers.

These parcels are 2.6 acres, 4.28 acres and 19.4 acres. The other four parcels range in size from 4.7 acres to around 68 acres and are expected to sell for farming and tillage.

Manor Park Homebuilders Ltd, which is now in receivership, had planned to develop these lands in an area where more than 650 acres were to be developed along a new Drogheda northern road connecting the M1 to Drogheda Port.

The receiver, Tom Kavanagh of Kavanagh Fennell, together with Green Property Ventures which is managing Lloyds Bank properties, have instructed joint agents Kelly Walsh Property Advisors and CBRE to sell the seven plots of the residential zoned lands in the area known as the North Drogheda Environs.

As many as 7,000 homes and three neighbourhood shopping centres were envisaged in the area on a number of sites which also included lands owned by other developers who came together in a partnership to formulate a Local Area Plan with the local authority, Manor Park managed to develop some of the houses at the nearby Aston Village, however, other development plans never proceeded.

Garvan Walsh of Kelly Walsh points out that some of the smaller of the seven parcels were part of existing developments at Liscorrie and Aston Village and offer potential for small housing developments as services are in place and they also have planning. Ready to go, these smaller infill sites will be attractive to small builders.

There is road frontage to Termonfeckin Road and other roads and the lands are currently in agricultural use.

Already a number of land owners and investors have expressed interest in their potential.

Indo Property